Chinese rebar export prices are moving upwards in line with gain in domestic market; the offers rose by USD 5/MT, W-o-W. The fresh offers are around USD 475-480/MT, FoB China.
Presently, the Chinese made rebar importers are in wait and watch situation with an anticipation that prices to come down soon as offers are still on higher end despite limited trade activities.
The Chinese spot market remained positive for the week as the Shanghai futures gained momentum in line with the hike in the spot billet prices which rose to almost 5 years high.
The spot rebar offers are up by 100-150 Yuan (USD 14-22) across China on weekly assessment. On 14th Jul’17 the offers are witnessed – East China – Shanghai at 3,770 Yuan (USD 555) and 3,760 Yuan (USD 554) in North China – Beijing.
Other Global Market
– CIS long steel export (Fob Black Sea) prices continued to move upward, supported by the globally positive dynamics in the billet and scrap sectors. The fresh CIS region rebar export offers have reached at USD 550-560/MT, up by USD 25/MT W-o-W. This hike in the offers were able to manage secure some deals considering the reduced availability of material in market.
– Despite weak demand, Turkish long steel prices continues to climb over the past week with fresh rebar offers around USD 460-470/MT, surge by USD 5/MT, W-o-W.
– UAE imports remain slow this week as the buyers are not accepting the higher offers by the Turkish exports. The import offers rise by USD 40/MT to USD 470-475/MT. UAE Domestic large steel makers like Emirates Steel also raised their offers USD 25/MT to USD 509/MT for Jul’17 in response to rise in the billet and scrap offers.
Source: SteelMint Research
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